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View Policies Current Attempt in Progress On April 1,2025, Bridgeport Company sold 33,300 of...

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Accounting

View Policies
Current Attempt in Progress
On April 1,2025, Bridgeport Company sold 33,300 of its 11%,15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1,2026, Bridgeport took advantage of favorable prices of its stock to extinguish 4,800 of the bonds by issuing 158,400 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company's stock was selling for $31 per share on March 1,2026.
Prepare the journal entries needed on the books of Bridgeport Company to record the following. (Do not round intermediate calculations. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
(a) April 1,2025: issuance of the bonds.
(b) October 1,2025: payment of semiannual interest.
(c) December 31,2025: accrual of interest expense.
(d) March 1,2026: extinguishment of 4,800 bonds. (No reversing entries made.)
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